(Bloomberg) Sergio Garcia, the professional golfer, must pay additional taxes on income from endorsements that he claimed was exempt, the U.S. Tax Court ruled, because too much of the money was attributed to payment for his image.

Garcia argued unsuccessfully that 85 percent of his income from an endorsement agreement with TaylorMade Golf Co. stemmed from image-derived royalty payments shielded from U.S. taxation because they flowed through a Swiss business entity and because he’s a resident of Switzerland.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access